If you owe taxes on your tax return on income, IRS gives you several payment options.
1. Automatic Payment
If your online banking, you can set up a payment to the IRS as you do with other bills. If you deposit at first, you can adjust the payment to be made at any time before the filing deadline 15th April.
Make sure your taxpayer identification number (usually your Social Security number) is on the payment, as well as your name and address, and the tax period and form (usually the form 1040) to which the payment applies.
2. Cheque or money
The IRS still accepts checks and money orders. Checks are preferable because they are free, and you do not have to drive everywhere to write a check.
To pay securely with the IRS a check, write "United States Treasury" on the "beneficiary" online, and not "IRS." This is what the Internal Revenue Service recommend, because it is more difficult for someone to forge ??? if they steal your check.
Enter your name and address (if not already on your check), tax identification number, tax period, and the tax form number (usually Form 1040).
Rather than allow outgoing tax payment checks in a box with letters unlocked, remove the envelope with your check to a post office drop box.
the IRS considers your payment date on the day of your envelope is postmarked.
3. Debit Card
Pay your taxes can be as simple as swiping your debit card as you do to pay for groceries.
There are costs, however, by $ 3.89 to $ 3.95, imposed by the company that provides debit card services.
If you prefer to keep the money to buy you a latte, consider paying with another method, such as writing a check. There is not much more trouble.
4. Electronic System of Federal Tax Payment (EFTPS)
It is free, safe and convenient. You can pay your taxes online or call the IRS own system.
You will need to set up an account EFTPS advance and receive an EFTPS Personal Identification Number (PIN) and an Internet password.
do not wait until the last minute to pay your taxes with EFTPS. You need to plan payment by 8:00 p.m. ET yesterday you want to pay your taxes.
Day 5. same thread
If it is too late to pay your taxes on time with EFTPS, consider making a transfer over the same day to the IRS.
Ask your bank how to make a payment of the tax by wire and how much they charge. wire service on the same day is sometimes used for deposits from business tax.
6. Credit Card
Pay your taxes by credit card is easy, but it may not be your best choice.
The IRS does not charge you fees to pay with plastic, but service providers that allow do. You pay a convenience fee based on the amount you pay, plus interest on the balance on your card if you do not pay immediately.
What about the money?
Never send cash to the IRS by mail. You may be able to pay in cash at your local IRS office.
If you need more tax than you can afford to pay, pay what you can to April 15 filing deadline. Then pay as much as you can, as soon as possible to pay the tax.
Interest and IRS penalties based on the amount you owe and the time is past due, so pay the balance is not a case of all or nothing
If you do can not pay your tax in a short period of time, contact the IRS to get additional time -. usually 60 to 0 days -. to pay
If you need more time, you can also request an installment agreement with the IRS.
never put off filing your tax return on income because you can not pay the tax due.
IRS charges a separate penalty for late filing and late payment of tax - do not pay the two if you do not have to
What is the more income tax than you ever had when you file your return
photo credit: Robert S. Donovan via photopin cc
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